Accounting is the practice of keeping track of a company's financial processes: summarizing, evaluating, and reporting financial transactions to regulatory bodies, government agencies, and tax collectors. Recording financial transactions is essential for monitoring business cashflow. Accounting is essential for businesses to make sure that they are in compliance with all applicable laws.
Accounting software help businesses manage and automate financials processes. This software usually contains accounts payable and accounts receivable sections, payroll and billing, and a general ledger. Accounting software with integrated applications facilitates in-depth, real-time evaluation of monetary and econometric metrics, such as cash flow and spending management.